CBRE Secures $34M Refi for Northern Georgia Luxury Community
- Nov 13, 2019
Varden Capital Properties has received a $34 million loan from NXT Capital to refinance 53 West Luxury Apartments, a 266-unit, Class A community in Gainesville, Ga. CBRE secured the loan on behalf of the borrower. Varden Capital developed the multifamily property, formerly known as Mundy Mill Apartments, in partnership with Tellus Partners and Buckhaven Construction Services.
The community sits on more than 24 acres at 1000 SW Wood Acres Road near Interstate 985, roughly 50 miles northeast of downtown Atlanta. The property is 1 mile northwest of the University of North Georgia’s Gainesville campus. The immediate area holds various restaurants and shopping venues, including a Walmart Supercenter and College Square Shopping Center, located less than 2 miles south.
Completed in 2019, 53 West has one- to three-bedroom floorplans ranging from 1,205 to 1,335 square feet. Community amenities include fitness center, car wash facility, clubhouse with lounge, coworking space, cyber lounge, game room, dog park, outdoor kitchen with fireplace and TVs and saltwater swimming pool. Hammond Residential Group is the property manager.
CBRE Vice President Bill Leffler and Senior Vice President Brad Simmel of the Southeast Multifamily team arranged the financing on behalf of the borrower. Another CBRE multifamily team recently represented the seller in the disposition of a 111-unit community in Atlanta.